Section 110-060; Res. 27-09; Authorizing an agreement with Boone County National Bank for the subordination of a CDBG loan for 2101 Vandiver Drive; authorizing the execution a Full Deed of Release on a CDBG loan to Ann Carlson Emergency Food Pantry


Council Bill No. R 27-09

     A RESOLUTION

authorizing an agreement with Boone County National Bank for the subordination of a CDBG loan for property located at 2101 Vandiver Drive; authorizing the City Manager to execute a Full Deed of Release on a CDBG loan to Ann Carlson Emergency Food Pantry.

BE IT RESOLVED BY THE COUNCIL OF THE CITY OF COLUMBIA, MISSOURI, AS FOLLOWS:

    SECTION 1.  The City Manager is hereby authorized to execute an agreement with Commerce Bank, N.A. for the subordination of a CDBG loan for property located at 2101 Vandiver Drive.  The form and content of the agreement shall be substantially as set forth in "Exhibit A" attached hereto and made a part hereof as fully as if set forth herein verbatim.

    SECTION 2.    Upon receipt of a substitute promissory note and Deed of Trust from Central Missouri Food Bank for property located at 2101 Vandiver Drive, the City Manager is authorized to execute a Full Deed of Release on a CDBG loan to Ann Carlson Emergency Food Pantry on property located at 1408 Indiana Avenue.  The form and content of the Full Deed of Release shall be substantially as set forth in "Exhibit B" attached hereto and made a part hereof as fully as if set forth herein verbatim.

    ADOPTED this 2nd day of February, 2009.